MARKET WRAP: Sensex slips 184 pts, Nifty ends at 12,022 ahead of RBI policy
All that happened in the markets today
 "MARKETS LIVE: Rate cut hopes, oil prices top triggers for indices today")
Benchmark indices ended Tuesday's session with losses, weighed down by tech stocks, as investors booked profit after both Sensex and Nifty's close at heady heights in the previous session.
Tuesday was the last trading day ahead of the RBI monetary policy outcome on Thursday, as the stock market will be closed on Wednesday on account of Eid-al-Fitr. Two-thirds of 66 economists polled by Reuters expect the MPC to wrap up on Thursday by cutting the repo rate by 25 basis points. READ FULL REPORT HERE
Jayant Manglik, President of Retail Distribution in Religare Broking, said a rate cut is possible, but it might not be an aggressive one.
BUZZING STOCKS
Shares of GE Power India surged 5 per cent to Rs 930 on the BSE on Tuesday in early morning trade, after the company announced winning a contract worth Rs 738 crore from Aravali Power Company Private Limited. Aravali Power Company Private Limited is a Joint venture company of NTPC, Haryana Power Generation Company and Indraprastha Power Generation Company. The stock ended the day 2.32 per cent higher at Rs 905. READ MORE
Shares of Manappuram Finance hit a new high of Rs 141, up 5 per cent on the BSE in intra-day trade on Tuesday on the back of heavy volumes in an otherwise subdued market before ending the day at Rs 138.90, up 3.43 per cent. READ MORE
The S&P BSE Sensex slipped 184 points, or 0.46 per cent, to 40,084, with Hero MotoCorp, HCL Tech, TCS, Asian Paints, and IndusInd Bank leading the list of losers. Out of the 30 BSE constituents, 16 ended the day in the red.
The broader Nifty50 index slumped 67 points to 12,022. The market breadth was in favour of sellers. About 990 stocks declined and 789 shares advanced on the NSE.
Among Nifty sectoral indices, only Nifty Metal and Nifty PSU Bank indices ended the day in the green. Nifty IT took the deepest cut, down 1.56 per cent, while Nifty Media and Nifty Pharma also slipped over 1 per cent.
In the broader market, the S&P BSE MidCap index dipped 33 points, or 0.2 per cent, to settle at 15,200, while the S&P BSE SmallCap closed at 14,911, down 28 points, or 0.19 per cent.
Tuesday was the last trading day ahead of the RBI monetary policy outcome on Thursday, as the stock market will be closed on Wednesday on account of Eid-al-Fitr. Two-thirds of 66 economists polled by Reuters expect the MPC to wrap up on Thursday by cutting the repo rate by 25 basis points. READ FULL REPORT HERE
Jayant Manglik, President of Retail Distribution in Religare Broking, said a rate cut is possible, but it might not be an aggressive one.
"We continue to maintain our cautious stance on the markets at higher levels in the near term. The market participants would keep an eye on the RBI’s monetary policy (on June 6th) as it would provide further direction to the markets. While a rate cut cannot be ruled out, we don’t expect any aggressive cut and believe that the RBI would await more data on monsoon progress and inflation," Manglik said.
"Domestic macro data, global developments, especially with respect to US-China trade talks and movement of crude oil prices would continue to be on investor’s radar," he said.
BUZZING STOCKS
Shares of GE Power India surged 5 per cent to Rs 930 on the BSE on Tuesday in early morning trade, after the company announced winning a contract worth Rs 738 crore from Aravali Power Company Private Limited. Aravali Power Company Private Limited is a Joint venture company of NTPC, Haryana Power Generation Company and Indraprastha Power Generation Company. The stock ended the day 2.32 per cent higher at Rs 905. READ MORE
Shares of Manappuram Finance hit a new high of Rs 141, up 5 per cent on the BSE in intra-day trade on Tuesday on the back of heavy volumes in an otherwise subdued market before ending the day at Rs 138.90, up 3.43 per cent. READ MORE
4:02 PM
» More on Top Losers![]()
Top losers on BSE500
| COMPANY | PRICE(rs) | CHG(rs) | CHG(%) | VOLUME |
|---|---|---|---|---|
| JUBILANT LIFE | 461.00 | -28.15 | -5.75 | 96416 |
| DILIP BUILDCON | 551.55 | -29.00 | -5.00 | 55584 |
| MANPASAND BEVER. | 46.45 | -2.40 | -4.91 | 17195 |
| INDIA CEMENTS | 102.10 | -5.20 | -4.85 | 1063766 |
| INDIAN BANK | 274.20 | -13.20 | -4.59 | 363326 |
4:00 PM
Heatmap: S&P BSE Sensex
3:59 PM
Sectoral indices at close
3:59 PM
Market at close
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Market at close
The S&P BSE Sensex ended at 40,084, down 184 points while the broader Nifty50 index settled at 40,083, down 51 points.
3:19 PM
YES Bank rises 2.6%, top gainer in S&P BSE Sensex
2:59 PM
HEAT MAP :: BSE Sensex
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INTERVIEW OF THE DAY :: Naveen Kulkarni of Reliance Securities
The market is expensive now and will continue to remain so: Naveen Kulkarni
Which sectors will benefit in the near-term, now that elections and earnings are over?
Banking, infrastructure, cement, and quality mid and small caps are expected to provide good returns to investors. Among small-caps, we expect Sonata Software to do well among the information technology (IT) pack. Under the infrastructure we are betting on HG Infra and among cement stocks we likeJK Lakshmi and JK Cements. READ MORE HERE
2:56 PM
Market check | Sudden fall in Sensex
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SECTOR WATCH :: TYRES
Tyre manufacturers in India have been gearing up for aggressive capacity expansions as demand has been robust across segments and tyre companies’ utilisation levels have already reached peak levels. As a large part of the capex would be debt-funded, India Ratings and Research (Ind-Ra) expects the credit metrics of tyre companies to remain high over FY19-FY21 (industry net leverage to stay above 2.5x-3.0x).
However, once the capex is completed, the metrics of tyre companies improve substantially over the subsequent two years, supported by the gradual ramp-up of the new capacities. Nonetheless, a prolonged slowdown in auto demand could delay the deleveraging process, thereby exacerbating the downside risks for tyre manufacturers
However, once the capex is completed, the metrics of tyre companies improve substantially over the subsequent two years, supported by the gradual ramp-up of the new capacities. Nonetheless, a prolonged slowdown in auto demand could delay the deleveraging process, thereby exacerbating the downside risks for tyre manufacturers
2:54 PM
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Despite rate cuts, India's moribund housing market stuck in low gear: Poll
The outlook for India's moribund property market has brightened somewhat, with house prices this year expected to rise more than predicted three months ago, but those increases will still be the weakest in at least a decade, a Reuters poll found.
Until 2015, India's annual property price growth had typically been in the double digits. However, more recently a ban on high value currency notes and a liquidity shortage driven by bad debts on banks' balance sheets have led to a cooling in lending and a housing inventory pile-up READ MORE HERE
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Avadh Sugar & Energy hits 52-week high, jumps over 100% in four months
In the last one month, the stock has surged 64 per cent after the company announced 1:1 bonus and reported record quarterly profit of Rs 85 crore in March quarter of the financial year 2018-19 (Q4FY19). In comparison, the S&P BSE Sensex was up 3.3 per cent during the period. READ MORE
2:48 PM
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IFIN violated RBI norms to help Sivasankaran pay off IFCI loan: SFIO
Senior management of Infrastructure Leasing & Financial Services (IL&FS) violated several Reserve Bank of India (RBI) norms laws to help Chennai-based C Sivasankaran pay off IFCI's loan when he was already a defaulter to IFIN (a subsidiary of IL&FS), the Serious Fraud Investigation Office (SFIO) has alleged. READ MORE
2:40 PM
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Expectation from RBI Policy meeting | Elara Capital
We expect Monetary Policy Committee to cut repo rate by 50-75bp and CRR by 25-50bp in FY20E to address the growth slowdown while continuing to infuse liquidity through a mixture of open market bond purchases, cut in cash reserve ratio (CSR) and forex swaps.
2:38 PM
Sobha Limited gains 5.6%
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First Published: Jun 04 2019 | 7:24 AM IST
